Sat 01 Jul 2017 View all news articles

How long does it take to sell a property?

When it comes to selling a property, one of the most popular questions asked by sellers is ‘how long will it take to find a buyer?’

Average times will likely be discussed by estate agents, though in reality there are many factors that could speed up or delay a sale. One of the largest influencers is the state of market, and limited stock coupled with a large buyer pool this year has certainly sped up offer times. In fact, compared to the first six months of 2016, we have seen a 29% increase in the number of sales that took fewer than eight weeks to find a buyer.

Aside from market forces, there are other factors that have an influence on how quickly a buyer can be found for a property. Here are three of the greatest influences on the time it takes to sell a property:

Asking price
The price your property is marketed at will also influence the time it takes to achieve a sale. Pricing your property above market value will risk a longer period to attract a buyer; although this may be a worthwhile tactic should time not be a pressing matter. If a short selling time is more of a priority than achieving the highest possible price, listing at the lower end of the market may attract a quicker sale by reaching out to additional buyers with lower budgets.

Property type
Due to availability and demand, some property types achieve a sale in a quicker time than others. We have found that over the past couple of years, semi-detached properties spend a shorter time on the market than any other property type. This type of property is often sought after on the Wirral due to availability across multiple locations and can cater for most moving situations (e.g. upsizing, downsizing and buy-to-let).

Agent
It is common knowledge that Rightmove is often the first port of call for buyers when they search for a new property. It could therefore be argued that it doesn’t matter which agent you choose as they all promote your property on Rightmove anyway. In actual fact, it is more important to have a quality agent who can make your property ‘stand out from the crowd’ in what can often be a saturated platform for potential buyers. Furthermore, we have found that only 40% of our registered buyers this year have come from Rightmove; the majority have come from the pro-activity of our staff in finding the right buyers to make an offer. This often speeds up the time it takes to achieve a sale once the initial launch period has cooled off.

As leading Wirral estate agents and lettings agents we have plenty to talk about and like to give our opinions on a few things too! Read about what we have to say, our latest news and industry news.